JEDDAH: Insurance companies are required to employ only Saudis in their claims and customer care departments by the end of the Eid Al-Fitr holiday.
The circular, in which the Saudi Arabian Monetary Agency (SAMA) obliged insurance companies to Saudize the above-mentioned sections, will come into effect on July 2, followed by another phase aiming to nationalize senior and technical positions at these companies.
SAMA Gov. Ahmed Al-Khulaifi said developing a national workforce in the sector is SAMA’s intent. Although insurance and reinsurance companies achieved Saudization rates of 58 percent in 2016, the ambition is to nationalize higher management and technical jobs, he said, calling on companies to start training citizens for these positions.
SAMA is coordinating with universities to make sure that the technical knowledge and programs needed by the sector are being provided. Al-Khulaifi called on insurance companies to hire graduates from these institutions.
Nationalizing insurance jobs is necessary, given the current economic changes and goals of the Vision 2030, said the governor.